HC BoKwang IndustryHC보광산업

HC BoKwang has swung to trailing losses on falling revenue, though its share price has rallied over the past three months.

HC BoKwang Industry is a small aggregate, asphalt and ready-mixed concrete producer serving the Daegu area and nearby cities. Revenue has fallen sharply from its 2022 peak, and the company posted an operating loss of about ₩2.3B over the trailing twelve months to H1 2026, with borrowings of ₩18.7B against cash of ₩1.3B. The shares closed at ₩2,225 on 2026-10-23, up 16.7% over three months but down 26.8% over one year.

What stands out

• Trailing revenue to H1 2026 was ₩42.9B, against ₩63.9B in 2024 and ₩85.5B in 2023.
• Operating margin was -5.4% on a trailing basis after 13.9% in 2024, while trailing net income was a small ₩0.3B, so the net profit is not driven by operations.
• The discounted cash flow model in the data gives a base value of ₩1,172, with a bear case of ₩638 and a bull case of ₩2,120; these are model outputs, not forecasts.
• Recent filings are mostly ownership reports (5%+ holding and insider shareholding) plus an amended and an attached half-year report, and a conversion price adjustment on 2026-06-26.
• Foreign ownership rose from 0.5% to 0.7% over the last sixty days, while the 20-day flows show foreign net selling of about ₩76M.

What to watch

• The next full-year results and whether operating income returns to positive territory after the 2025 and trailing losses.
• The conversion price adjustment and the 5%+ holding reports, which may point to changes in shareholding; the data does not explain their purpose.
• Debt levels: borrowings are about 14 times cash, and the debt-to-equity ratio is 95.3%.